Western Asset High Yield Defined Opportunity Fund Inc. Portfolio Composition as of March 31, 2019

PRESS RELEASE

Western Asset High Yield Defined Opportunity Fund Inc. Portfolio Composition as of March 31, 2019

April 25, 2019

NEW YORK--(BUSINESS WIRE)--
Western Asset High Yield Defined Opportunity Fund Inc. (NYSE: HYI)
announces its portfolio composition as of March 31, 2019.

Investment Objective: The Fund’s primary investment objective is
high income. Capital appreciation is a secondary objective.

Portfolio Composition*:

Asset Allocation

High Yield Corporate Bonds

74.7%

Emerging Market

16.5%

Corporates External Currency

9.0%

Sovereign Debt External Currency

3.3%

Sovereign Debt Local Currency

4.2%

Investment Grade Corporate Bonds

5.4%

Bank Loans

1.4%

Government

0.5%

Cash & Other Securities

1.5%

Credit Quality Allocation**

AA

0.5%

BBB

8.1%

BB

28.2%

B

45.4%

CCC

14.6%

D

0.8%

NR

2.4%

Top Ten High Yield Industries

Communications

19.0%

Energy

11.7%

Consumer Non Cyclical

9.5%

Capital Goods

8.8%

Consumer Cyclical

7.8%

Banking

7.4%

Basic Industry

3.6%

Technology

2.5%

Financial Other

1.6%

Transportation

1.3%

Top Emerging Market Countries

Brazil

5.4%

Argentina

3.8%

Russia

2.3%

Ecuador

1.3%

Mexico

0.5%

Indonesia

0.5%

Uruguay

0.5%

Colombia

0.4%

Ukraine

0.4%

Ghana

0.4%

United Arab Emirates

0.3%

Israel

0.3%

Turkey

0.3%

Egypt

0.2%

Average Life (years)

6.4

Effective Duration (years)

4.2

Average Coupon (%)

6.9

Portfolio Statistics:

Inception Date

October 27, 2010

Inception Price

$20.00

Total Assets***

$365,759,525

Loans****

0.00%

Preferred Shares****

0.00%

Reverse Repos****

0.00%

Market Price

$14.77

NAV

$16.08

(Daily NAV is available on market quotation systems using the symbol
XHYIX.)

Distribution Rate

$0.0885 per share

Frequency

Monthly (Declared quarterly, paid monthly)

*

Portfolio holdings and weightings are historical and are presented
here for informational purposes only. They are subject to change at
any time.

**

Credit quality is a measure of a bond issuer's ability to repay
interest and principal in a timely manner. The credit ratings
shown are based on each portfolio security’s rating as provided by
Standard and Poor’s, Moody’s Investors Service and/or Fitch
Ratings, Ltd. and typically range from AAA (highest) to D
(lowest), or an equivalent and/or similar rating. For this
purpose, when two or more of the agencies have assigned differing
ratings to a security, the lowest rating is used. Securities that
are unrated by all three agencies are reflected as such. The
credit quality of the investments in the Fund's portfolio does not
apply to the stability or safety of the Fund. These ratings are
updated monthly and may change over time. Please note, the Fund
itself has not been rated by an independent rating agency.

***

The Fund will not leverage its capital structure by issuing senior
securities such as preferred shares or debt instruments. The Fund
will also not borrow money for the purpose of leverage. The Fund may
invest in reverse repurchase agreements and/or other instruments
which can increase the risks and volatility of the Fund.

****

Percentages are based on total assets. If the Fund employs leverage,
the Effective Duration is based on net assets.

Western Asset High Yield Defined Opportunity Fund Inc., a
non-diversified closed-end investment management company, is advised by
Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg
Mason, Inc., and is sub-advised by Western Asset Management Company, an
affiliate of the advisor.

An investment in the Fund involves risk, including loss of principal.
Investment return and the value of shares will fluctuate. Fixed income
securities are subject to credit risk, inflation risk, call risk, and
interest rate risks. As interest rates rise, bond prices fall, reducing
the value of the Fund's share price. High yield or "junk bonds" are
subject to additional risks.

Data and commentary provided in this press release are for informational
purposes only. Legg Mason and its affiliates do not engage in selling
shares of the Fund.

For more information, please call Fund Investor Services at
1-888-777-0102, or consult the Fund’s web site at http://www.lmcef.com.
Hard copies of the Fund’s complete audited financial statements are
available free of charge upon request.

Advisor Resources

This site is intended for U.S. investors only. The products and services described on this site are not available to non-U.S. investors. Any information, statement or opinion set forth herein is general in nature, is not directed to or based on the financial situation or needs of any particular investor, and does not constitute, and should not be construed as, investment advice, forecast of future events, a guarantee of future results, or a recommendation with respect to any particular security or investment strategy or type of retirement account. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional.

You are leaving www.leggmason.com and being directed to a new site.

Email to a Friend

Firm Approvals

Thank you. Your message has been sent.

Your Name:

Your Email:

Firm Name :

Your Firm'sName :

Recipient Name:

Recipient Email:

Subject:

Message:

Send a copy to my email address

Security:

This link leads to a website that is intended for U.S. investors only. The products and services described on the website are not available to non-U.S. investors. Non-U.S. investors should disregard this email. Legg Mason takes no liability for the onward transmission of this material. All investments involve risk, including possible loss of principal.

DID YOU KNOW THAT YOUR INTERNET BROWSER IS OUT OF DATE?

Your browser is out of date and may not be compatible with our website. A list of the most popular web browsers can be found below.

Note: If you are seeing this pop up in Internet Explorer and are running version 8 or higher, please go into Tools (ALT+T), and then to Compatibility View Settings and make sure "Display Intranet Sites in Compatibility View" is not checked.